Agent Profile
Tony and Libby Kelly, MBA, M.Ed. are ranked in the top 1% of REALTORS in Portland Metro. They have been featured on HGTV's "House Hunters" 3 Episodes & "My House is Worth What?" 4 Episodes.
Bringing Predators to Justice
As we all know by now, the current state of the economy was created by mortgage lenders who were giving out money to people who did not previously qualify.
In the aftermath, many are now taking these banks to court for unfair and predatory practices. Banks have been going through these lawsuits for years but recently the number has jumped. Some have already settled out of court for millions of dollars. Banks like Wells Fargo and Countrywide have been sued by homeowners in an effort to keep their homes.
Some are seeking money for damages because they’ve already lost their house or paid off their mortgage. Others are looking for a loan modification, they just want their mortgage to be affordable.
Many have joined in on class action lawsuits because they do not agree with practices like high interest rates, misleading introductory rates and lack of income verification. These practices are called predatory because these loans are pretty much unaffordable, and given to people who do not understand what they are signing.
An example of these unaffordable loans is the originated payment option adjustable-rate mortgage. This type of loan allows borrowers to make very low monthly payments, and the unpaid interest is then added to the principal.
Even the NAACP is suing claiming discrimination against minority borrowers.
The largest predatory lending settlement was with Bank of America. They agreed to spend $8.4 billion to lower the interest rates or loan balances of nearly 400,000 Countrywide customers with subprime loans or payment option ARMs. This made the number one mortgage lender in the country accountable for putting borrowers in loans they didn’t understand, couldn’t afford and could not get out of.
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Grand Hotel
Was anyone besides me wondering what in the world they’ve been building behind the Bridgeport Whole Foods? Well the Tigard Times tells me that it is a new hotel. Someone didn’t get the news about the economy. But sometimes a down economy is the perfect time to act.
A family-run Salem company called VIPS Industries opened up the Grand Hotel in August. They used to own a restaurant on this same spot but it did not work out. Then Bridgeport Village moved in and an opportunity arose. VIPS Industries always knew this location would be great, that is why they held on to it.
The new hotel has 124 rooms and suites, complimentary breakfast, meeting rooms, a pool and its own parking garage.
http://tigardtimes.com/news/story.php?story_id=125485285982056600
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Priced By Location
We all know the saying Location! Location! Location! but how big of an impact does it really have on home value. How much would your house be worth if you picked it up and moved it across the country?
An index that come out on Wednesday compared similar homes in “move-up buyer” neighborhoods. It compares the prices charged for 2,200-square-foot, four-bedroom, two-and-one-half bath, single-family homes in more than 300 markets around the nation.
$363,401 is the average for the U.S. but in Grayling, Michigan it sells for just $112,675. That makes Grayling the most affordable market in the nation.
La Jolla, California is on the other end of the spectrum. A comparable house there will run you $2.125 million. What does La Jolla have that Grayling doesn’t? Weather for one. They don’t have rush hour traffic and they are 15 minutes from downtown San Diego.
Grayling has much to love, like all the outdoor activities in and around the Au Sable River, but Michigan has a much slower economy.
Variations are not only between states but within states. California holds 8 of the top 10 highest priced markets, but there are some affordable towns here too. Just north of L.A. is Lancaster where the sample home would go for $165,205 which is almost $2 million less than in La Jolla, California.
Some states have much less variation. Oklahoma’s price spread is less than $10,000. In Boise, Idaho homes cost $215,432 compared with $204,518 in Coeur d’Alene
http://money.cnn.com/2009/09/23/real_estate/home_price_comparison/index.htm?postversion=2009092316
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
7-Month Consecutive Increase
Buyers know that the home buyer’s tax credit deadline is approaching. It is obvious by looking at the sales contracts signed in August. There were more contracts signed in August than any other month this year. This has caused 7 consecutive months of increases in pending sales, which is a great sign.
The homes that went “under contract” in August should be closing in October or November, just before the Nov. 30 deadline for the $8,000 first time home buyer’s tax credit.
Some may be trying to take advantage of this deal even now but many will be disappointed when the closing deadline isn’t met. Stricter appraisal standards, delays getting a mortgage and complications associated with short sales are going to keep some from their $8,000.
In fact, some deals are not going through at all possibly causing a pending sale to be counted twice when a home has to be put back on the market and sold again. This could be inflating the numbers.
We may see a sharp decline in home sales once the credit expires so extending it could avoid another disastrous down slide. The government is thinking about whether to extend and expand the tax credit. Expanding it to all home buyers could really rev-up the market!
http://money.cnn.com/2009/10/01/real_estate/August_sales_contracts/index.htm?postversion=2009100110
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
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Keller Williams Realty Portland Premiere
17700 SW Upper Boones Ferry Rd
Portland, OR 97224